Wrapped Bitcoin (WBTC) has been launched today it is based on Ethereum (ETH) and backed by Bitcoin. WBTC is a joint initiative by BitGo, Kyber Network, Ren.
ERC-20 token which is designed using the Ethereum blockchain is being used in Wrapped Bitcoin (WBTC). This will bring Bitcoin to the ERC20 format. Thus now Dapps can leverage Bitcoin for decentralized markets.
Now traders will be able to use Bitcoins value for trades on the decentralized exchanges.
The press release also talks about the conversions,
Eight initial merchants will be facilitating conversion between WBTC and BTC: AirSwap, Dharma, ETHfinex, GOPAX, Kyber Network, Prycto, Ren, and Set Protocol.
The Price information of Wrapped Bitcoin (WBTC) will also be available on CoinMarketCap and CoinGecko. The price of WBTC at the time of writing was $3,460 and BTC was $3,456. This shows that WBTC was slightly higher then BTC.
Several crypto exchanges centralized and decentralized have obtained WBTC inventory to support the liquidity for the token. The live supply of WBTC token can be observed on the WBTC network dashboard.
What do you think of the WBTC token? Will it innovate the Ethereum community let us know in the comment below.